Daily Price Outlook

The EUR/USD pair is maintaining its upward trajectory above the 1.0942 level, with a neutral intraday bias at present. The persistence of resistance at 1.1148 suggests the potential for further decline. A support level is found at 1.0832 in case the pair drops below 1.0942.

EUR/USD Market Analysis: The Euro displays a recovery pattern within an adjacent triangle below 1.1000 amid concerns over Italy's tax policy.

During the early hours of Wednesday's European session, EUR/USD has managed to recover some of its weekly losses. Consequently, the currency pair finds itself within a symmetrical triangle formation that has persisted for two months. This uptick in sentiment can be attributed to positive news and data releases from China, contributing to a slight improvement in overall market sentiment.

The recent surge in market performance is bolstered by an increase in factory-gate inflation figures from China, offsetting concerns arising from a rise in consumer prices. Furthermore, Bloomberg's reference to the Biden Administration's optimistic news has provided a source of comfort for EUR/USD traders. According to the report, the US plans to specifically target Chinese companies that derive more than 50% of their revenue from industries like quantum computing and artificial intelligence (AI).

It's worth noting that unexpected tax implications for banks' windfall profits in Italy, coupled with global credit rating agencies downgrading US financial institutions, are influencing risk perception and consequently affecting the EUR/USD price. Apprehensions related to potential economic downturns in the UK and China's decelerating economic growth seem to resonate on a similar wavelength, adding complexity to the market outlook.

EUR/USD - Technical Analysis

The EUR/USD pair made an effort to surpass the 1.0955 threshold but has commenced the day on a bullish note, influenced by the Stochastic indicator's positive outlook. Some interim gains are anticipated before the pair potentially resumes its downtrend.

The persistent downward pressure exerted by the EMA50 underscores the prevailing bearish correction trend, a sentiment further reinforced by the recently observed double top pattern on the chart.

In light of the current analysis, the bearish trajectory is projected to continue in the near term, with a key target pinpointed at 1.0880. It's imperative to note, however, that any breach above the 1.1030 level could negate this bearish forecast, redirecting the pair towards its primary bullish trajectory.

Daily Price Outlook

The EUR/USD currency pair has been facing challenges as it struggles to rise above the 1.1000 level on Tuesday. Investors are worried about a possible recession in the area, which is putting pressure on the pair. However, the decline in EUR/USD currency pair was driven by a recent survey indicating that consumer inflation expectations for the upcoming 12 months dropped to 3.4% in June. Moreover, the strong US dollar was seen as another important factor that weakened the EUR/USD currency pair.

EUR/USD Pair Affected by Mixed Eurozone News and ECB Rate Speculation

According to the latest data, the Eurozone Sentix Investor Confidence showed a slight improvement, moving from -22.5 in July to -18.9 in August. This result was better than what experts had predicted at -23.4. However, it's important not to get too carried away with this positive change. Patrick Hussy from Sentix pointed out that the Eurozone economy is still stuck in a recession. This means we shouldn't think everything is great just because there was a small improvement.

Moreover, Germany's Industrial Production numbers for June dropped by -1.5% compared to expectations of -0.4%. This raised concern and impacted the EUR/USD pair's performance.

Eurozone's Inflation Worries Impact EUR/USD Pair

According to the European Central Bank's survey, people in the Eurozone were still worried about inflation in June. They thought prices would go up by 3.4% in the next year, which is lower than the 3.9% they predicted in May. Looking three years ahead, they expected inflation to be 2.3%, down from 2.5% in May. People also believed that their income wouldn't change much, but they expected to spend less. The outlook for economic growth in the next year got a little better, and expected unemployment in a year remained the same. As a result, the EUR/USD pair dropped to 1.0970, marking a 0.25% decrease.

US Dollar's Focus and Upcoming Economic Indicators for EUR/USD Direction

On the US front, people are paying attention to the US dollar because a Federal Reserve member, Michelle Bowman, said that increasing interest rates could help control inflation. This could make the US dollar stronger and limit gains in the EUR/USD pair.

Furthermore, people will be watching Germany's Consumer Price Index for July on Tuesday, and then the US Consumer Price Index on Thursday. These events will affect the US dollar and show where the EUR/USD pair might go.

EUR/USD - Technical Analysis

The EUR/USD pair exhibited marginal upward shifts during the preceding evening, scrutinizing the resistance posed by the EMA50. As we initiate the current trading day, a revitalized bearish sentiment has manifested, characterized by a trajectory aimed at revisiting the 1.0955 level.

This tactical move is congruent with the ongoing preservation of the bearish trend scenario, which persists as a consequence of the observed completion of a double top pattern. This specific pattern instigated a deviation from the previously observed bullish trajectory, subsequently initiating a bearish correction with its ensuing target positioned at 1.0880.

Consequently, we anticipate the continuation of negative market dynamics in the forthcoming trading sessions. However, it is prudent to acknowledge that a breach of the 1.1030 level would serve to mitigate the prevailing downward pressure, potentially redirecting the price towards the primary bullish trend.

The anticipated trading range for the present day is projected to fluctuate within the boundaries of support at 1.0900 and resistance at 1.1040.

Daily Price Outlook

The EUR/USD pair exhibited marginal upward shifts during the preceding evening, scrutinizing the resistance posed by the EMA50. As we initiate the current trading day, a revitalized bearish sentiment has manifested, characterized by a trajectory aimed at revisiting the 1.0955 level.

This tactical move is congruent with the ongoing preservation of the bearish trend scenario, which persists as a consequence of the observed completion of a double top pattern. This specific pattern instigated a deviation from the previously observed bullish trajectory, subsequently initiating a bearish correction with its ensuing target positioned at 1.0880.

Consequently, we anticipate the continuation of negative market dynamics in the forthcoming trading sessions. However, it is prudent to acknowledge that a breach of the 1.1030 level would serve to mitigate the prevailing downward pressure, potentially redirecting the price towards the primary bullish trend.

The anticipated trading range for the present day is projected to fluctuate within the boundaries of support at 1.0900 and resistance at 1.1040.

EUR/USD - Trade Idea

Entry Price – Buy Above 1.09791

Take Profit – 1.10993

Stop Loss – 1.09063

Risk to Reward – 1: 1.65

Profit & Loss Per Standard Lot = +$1202/ -$728

Profit & Loss Per Micro Lot = +$120/ -$72

Daily Price Outlook

The EURUSD pair's upward march was halted at the 1.1030 level, which corresponds to the disrupted neckline of the double top pattern, as depicted on the chart. It's noteworthy that the price has begun to display a bearish rebound from this juncture, indicating a potential return to the correctional bearish wave and setting negative targets down to 1.0880.

Hence, we anticipate further bearish propensity in the forthcoming trading sessions, reinforced by the clear negativity exhibited by the Stochastic Oscillator. However, it should be noted that a breach of the 1.1030 level could interrupt the projected decline and steer the price back to the primary bullish trend.

Today's expected trading range lies between the 1.0900 support and 1.1050 resistance levels.

The predicted market trend for today is bearish.

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.10147

Take Profit – 1.09257

Stop Loss – 1.10734

Risk to Reward – 1: 1.50

Profit & Loss Per Standard Lot = +$890/ -$587

Profit & Loss Per Micro Lot = +$89/ -$58

Daily Price Outlook

EUR/USD is facing downward pressure as it remains below the critical 1.1000 level, vulnerable to modest USD strength. The pair retreated from its four-day peak around 1.1040, reacting to disappointing US NFP figures on Friday. During the Asian session, EUR/USD slipped below 1.1000, with a temporary halt to its two-day recovery from the 100-day SMA, near the recent one-month low reached last Thursday.

The US Dollar gains support as market sentiment leans towards the Federal Reserve maintaining its hawkish stance. July's nonfarm payroll report showed an addition of 187K jobs, signaling weakening demand for workers despite steady wage growth and an unexpected decline in the unemployment rate. This keeps the door open for the Fed to raise interest rates by another 25 basis points in September or November, boosting the USD and exerting pressure on EUR/USD.

Conversely, the European Central Bank (ECB) is expected to end its nine straight interest rate increases amid indications that underlying inflation in the Euro Zone has peaked. Fitch Ratings suggests that the peak in ECB rates is imminent due to declining Euro Zone inflation. The ECB's economic report released on Friday highlighted that the region's underlying inflation likely peaked during the first half of 2023, adding to the negative sentiment surrounding EUR/USD.

The upcoming US CPI report on Thursday will have a significant impact on market expectations for future rate hikes and USD demand. In the meantime, macroeconomic data for the Euro Zone, including German Industrial Production and Sentix Investor Confidence, will provide guidance for traders. The USD's performance will depend on comments from several FOMC members, as there are no major US economic releases scheduled at present. Policy-related remarks could create short-term opportunities for traders, but given the current landscape, a bearish outlook for EUR/USD remains the prevailing trend.

EUR/USD - Technical Analysis

The EURUSD pair's upward march was halted at the 1.1030 level, which corresponds to the disrupted neckline of the double top pattern, as depicted on the chart. It's noteworthy that the price has begun to display a bearish rebound from this juncture, indicating a potential return to the correctional bearish wave and setting negative targets down to 1.0880.

Hence, we anticipate further bearish propensity in the forthcoming trading sessions, reinforced by the clear negativity exhibited by the Stochastic Oscillator. However, it should be noted that a breach of the 1.1030 level could interrupt the projected decline and steer the price back to the primary bullish trend.

Today's expected trading range lies between the 1.0900 support and 1.1050 resistance levels.

The predicted market trend for today is bearish.

Daily Price Outlook

The EUR/USD currency pair has been unable to maintain its upward momentum and has recently lost some traction, currently trading at the level of 1.0943. Investors seem cautious and showing hesitancy in making strong bids due to the mixed market sentiment, which has been driven by the anticipation of crucial economic data releases from the US. Furthermore, the Eurozone's Retail Sales for June experienced a decline of 0.3% every month, falling short of the expected 0.2% growth. This disappointing economic data has further weakened the position of the EUR/USD pair in the market.

European Central Bank (ECB) Rate Hike Impact on EUR/USD Pair

The European Central Bank (ECB) increased interest rates by 0.25% to 4.25%. ECB President Christine Lagarde aims to achieve a 2% inflation target in the medium term. ECB member Fabio Panetta supports keeping higher interest rates for a while, balancing inflation risks with a weak economy to support growth.

These decisions can impact borrowing costs, savings, and overall economic conditions in the eurozone. The rate hike may attract investors to the Euro due to higher returns, potentially strengthening the currency against the US Dollar and appreciating the EUR/USD pair. Notably, the ECB's goal is to manage inflation and support economic growth in the eurozone.

Recent Economic Data Highlights Mixed Picture of Eurozone's Economy

According to recent data, Germany's Factory Orders have shown positive growth, increasing by 3.0% YoY and 7.0% monthly, signaling strength in the manufacturing sector. However, the Eurozone's Producer Price Index (PPI) for June dropped to its lowest level in three years, showing a decline of -3.4% YoY. Additionally, the HCOB Composite PMI for the bloc fell from 48.9 to 48.6, and the services PMI declined from 51.1 to 50.9 in July. These figures present a mixed picture of the Eurozone's economy, with signs of improvement in manufacturing but challenges in other sectors.

Impact of Upcoming US Data on USD and EUR/USD Pair

Looking forward, traders are awaiting the release of US wage inflation and employment data, which will likely influence the Federal Reserve's decisions on rate hikes. These decisions will have a direct impact on the US Dollar's performance and may exert pressure on the EUR/USD pair. Moreover, the focus will be on key indicators like Nonfarm Payrolls, Unemployment Rate, and Average Hourly Earnings, providing trading opportunities for those interested in the EUR/USD pair.

EUR/USD - Technical Analysis

EUR/USD continues its intriguing journey as it tests the crucial resistance level at 1.0955. Despite its efforts to breach this pivotal point, the pair has managed to hold on below it, keeping the downward trend intact. Traders eagerly await the next move, with potential targets at 1.0880 and 1.0835, making for an exciting market outlook.

Adding to the intrigue, the Stochastic indicator has lost its positive momentum and entered overbought territory, providing further support for the resumption of the downward trend. However, it's important to keep an eye on potential game-changers – a breakthrough of 1.0955, followed by 1.0990, could effectively thwart the negative scenario and redirect prices towards the main upward trend.

As we gear up for today's trading, the anticipated range stands between the support level of 1.0850 and the resistance level of 1.1000. The excitement builds as we navigate the potential twists and turns of the market!

Daily Price Outlook

EUR/USD continues its intriguing journey as it tests the crucial resistance level at 1.0955. Despite its efforts to breach this pivotal point, the pair has managed to hold on below it, keeping the downward trend intact. Traders eagerly await the next move, with potential targets at 1.0880 and 1.0835, making for an exciting market outlook.

Adding to the intrigue, the Stochastic indicator has lost its positive momentum and entered overbought territory, providing further support for the resumption of the downward trend. However, it's important to keep an eye on potential game-changers – a breakthrough of 1.0955, followed by 1.0990, could effectively thwart the negative scenario and redirect prices towards the main upward trend.

As we gear up for today's trading, the anticipated range stands between the support level of 1.0850 and the resistance level of 1.1000. The excitement builds as we navigate the potential twists and turns of the market!

EUR/USD - Trade Idea

Entry Price – Sell Below 1.09585

Take Profit – 1.08750

Stop Loss – 1.09999

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$835/ -$414

Profit & Loss Per Micro Lot = +$83/ -$41

Daily Price Outlook

EUR/USD has successfully reached its first negative target at 1.0935, and there are indications of further downward movement in the upcoming sessions, potentially leading to the next significant target at 1.0835.

As we closely monitor the intraday levels, the 50 SMA is exerting negative pressure on the pair. However, there is a possibility of a potential reversal if EUR/USD manages to pierce through the resistance levels at 1.0955 and 1.0990, effectively halting the current downward trend and steering the pair back into the ascending channel.

For today's trading, we anticipate the EUR/USD to move within the trading range of support at 1.0840 and resistance at 1.1000. As per our analysis, the expected trend for today remains bearish.

EUR/USD - Trade Idea

Entry Price – Sell Below 1.09495

Take Profit – 1.08757

Stop Loss – 1.10182

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$738/ -$687

Profit & Loss Per Micro Lot = +$73/ -$68

Daily Price Outlook

The EUR/USD currency pair is still going down, making it the fourth day in a row that it's been falling. On Thursday, the pair is hovering very close to its lowest point since July 7th. However, the main reason for this ongoing fall can be attributed to the fact that a lot of people in the market expect the Federal Reserve (Fed) to raise interest rates soon. This expectation has made the US Dollar (USD) worth more, reaching its highest value in four weeks. All these things combined are making it hard for the EUR/USD pair to recover and go up again.

Fed's Influence and Dollar's Resilience

The US Dollar is still doing well and is close to its highest value in four weeks compared to the Euro. This is happening because many people expect the Federal Reserve to make its rules stricter. This is influenced by the good news about jobs in the US, like the recent ADP jobs report, which shows that the economy is strong. As a result, the Fed might keep interest rates higher for a longer time. This confidence makes the interest rates on US government bonds go up, which helps the Dollar.

When they do that, the interest rates on US government bonds stay high too, which helps the Dollar stay strong. As a result, the exchange rate between the Euro and the US Dollar (EUR/USD) is feeling pressure because the strong Dollar makes it more expensive to buy Euros.

ECB's Uncertainty and Data-Driven Approach: Potential Impact on EUR/USD Pair

ECB President Christine Lagarde recently mentioned in an interview with Le Figaro that no decisions have been finalized for the upcoming September 14 meeting. She highlighted that the central bank's actions will depend on the latest economic and financial data. This follows the Euro Zone's headline inflation slowing to 5.3% YoY in July from 5.5% before, though core inflation remained steady at 5.5%.

This uncertainty and data-driven approach could impact the EUR/USD pair, potentially adding to its ongoing fluctuations as traders assess the ECB's upcoming moves based on economic indicators.

EUR/USD - Technical Analysis

EUR/USD has successfully reached its first negative target at 1.0935, and there are indications of further downward movement in the upcoming sessions, potentially leading to the next significant target at 1.0835.

As we closely monitor the intraday levels, the 50 SMA is exerting negative pressure on the pair. However, there is a possibility of a potential reversal if EUR/USD manages to pierce through the resistance levels at 1.0955 and 1.0990, effectively halting the current downward trend and steering the pair back into the ascending channel.

For today's trading, we anticipate the EUR/USD to move within the trading range of support at 1.0840 and resistance at 1.1000. As per our analysis, the expected trend for today remains bearish.

Daily Price Outlook

In a captivating turn of events, EUR/USD has made a remarkable rebound, finding sturdy support in the medium-term upward trend line and the 50-day SMA. This surge in positive momentum has lifted the pair to new heights in early trading today, following its recent pursuit to discover a bottom.

Adding to the thrill, the RSI's favorable signals, after a daring venture into oversold territory, are now doubling down on the positive pressures, setting the stage for an exhilarating ride in the upcoming trading sessions.

As we buckle up for this thrilling journey, all eyes are on the target - the initial resistance at 1.1130. But, hold on tight, as this thrilling ascent is contingent upon the pivotal support level of 1.0970 holding firm.

The adventure doesn't end there! The projected trading range for today promises heart-racing action between the support level of 1.0865 and the resistance level of 1.1130.

Today's price prediction reads like a thrilling plot twist - it leans bullish! Traders are in for an adrenaline-pumping experience as they closely observe the price action and devise their trading strategies for EUR/USD.

EUR/USD - Trade Idea

Entry Price – Buy Above 1.09487

Take Profit – 1.11015

Stop Loss – 1.08594

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$1528/ -$893